New san diego solar panel buy in Toledo, Laredo, Chattanooga

EnVerv Raises $12 Million to Advance Power Line Communications Chips

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EnVerv, a chip design firm based in San Jose, CA, says this morning it has raised $12 million in a Series B round for its “system-on-a-chip” technology, which enables a utility to use its own power lines to serve as a smart grid communications network.

Benchmark Capital led the new round, which was joined by existing investors New Enterprise Associates and Walden International. The proceeds will go toward further development and working capital.

Reza Mirkhani, the company’s San Diego-based founder, is now EnVerv’s president and chief operating officer. Since I talked with Mirkhani about EnVerv and its strategy earlier this year , EnVerv’s executive chairman, Shahin Hedayat, the former co-founder and CEO of Santa Clara, CA-based Beceem Communiations, has stepped in as CEO. (Irvine, CA-based Broadcom (NASDAQ: BRCM ) acquired Beceem for more than $310 million in October 2010.)

EnVerv continues to maintain a San Diego office and also has established an office in China.

Source: Xconomy

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